Can you find new ideas to improve your inventory replenishment and / or supply chain in under three minutes? Do you find training materials and great ideas shared on the web by your software and other supply chain companies? Does your software support site provide a full offering of concepts and ideas that utilize support documents, template checklists, white board animation, and slide shares to support their product and your business? Read More
Lead Time is an important factor in any demand-driven forecasting or retail replenishment system. It drives your order points and helps you place orders at just the right time. If your lead time is inaccurate you will quickly find yourself overstocked or understocked.
Atlanta, Georgia – Feb 13, 2018 – Data Profits Inc. (www.Data-Profits.com), a leading provider of mid-market retail forecasting and replenishment software, is proud to announce that they have been included in the prestigious Gartner Inc. 2017 Market Guide for Retail Forecasting and Replenishment Solutions. This Guide was compiled by Gartner Research VP, Mike Griswold, who has worked at Gartner for 12 years and has 32 years of industry experience. One of the Key Trends highlighted in 2017 Guide by Mr. Griswold is the growing importance of Machine Learning and Artificial Intelligence(AI) in forecasting and replenishment systems.
ATLANTA, July 20, 2017 – Data Profits, a mid-tier retail and wholesale demand forecasting and replenishment SaaS system, releases a new video: “P’s of Retail”. This video highlights four ideas that need focus in replenishment software for retail/ wholesale business to thrive in the digital age. Data Profits, highly popular blog has argued against several publications that claim retail ‘brick and mortar’ is dead. Explanations for the death of ‘brick and mortar’ point to the failure of retail technologies to adapt the digital age. Legacy forecasting and replenishment systems do not have the technology needed to adapt fast enough to the market shift brought in by digital technology.
What Demand Forecasting tools are needed in your Demand Forecasting software? Watch and learn in 2 minutes the questions you need to ask when reviewing demand forecasting software. SlideShare lists 3 critical things missing in 80% of inventory replenishment and demand forecasting software today. Learn how these three things react to the new internet of things world of your customer. These 3 things have contributed significantly to the record high store closings expected in retail this year, over 17,000.
Data Profits’ Demand Forecasting Software Solution Key to Retail IOT Survival
Atlanta, June 13, 2017 Data Profits updates their Demand Forecasting & Inventory Replenishment Software to offer additional tools to aid Retailers, Wholesalers, and Distributors with IoT Success and Survival. An April 22, 2017 CNN Money article states that it’s possible more than 8,600 brick-and-mortar stores will close their doors in 2017 (exceeds previous record set in 2008 of 6163 stores). This highlights the need for retailers to become adaptive or die. Retailers, wholesalers, and distributors must change inventory replenishment methodologies and software to adapt to quicker customer demand requirements. The IoT has changed the way people shop as well as customer expectations. “If a business does not adapt their replenishment to faster reaction times, they risk losing their customer, and ultimately their business,” said Stuart Dunkin, CEO Data Profits.
“It is not the strongest of the species that survives, not the most intelligent that survives. It is the one that is the most adaptable to change.” – Charles Darwin
Are Brick Stores Really the Dinosaurs of Retail?
When will the asteroid IoT (internet of things) change the retail landscape into a permanent waste land? Some claim retail brick stores are a dinosaur waiting for the big asteroid IoT to hit and end it all. Many say retail is at the end of its days and point out how giants like Sears are almost extinct. Writers and consultants highlight how the IoT is tearing away at the basic ‘how to make money in retail’ assumptions. I cannot count the number of columns written that say retail stores are the showroom for Amazon and eBay. There are hundreds of software companies that ‘claim’ to have the magic mobile solution to solve the showroom crisis and meet the IoT threats. Don’t see that working out so well either…
You Are Probably Experiencing these Forecasting Problems
Demand Forecast should be a forecast of future need from your customers. Most people fail to notice the little things wrong in their forecasting software that result in expensive over stocks and out of stocks. The 3 hot issues are: integer based forecast (whole number forecast), big data not being used in the forecasting math and demand planning software used for demand forecasting.
We know millennials along with the rest of us learn better watching a video. YouTube and others have littered the internet with misinformation they call demand forecasting. Because the software says demand forecasting doesn’t mean it is demand forecasting, ha – obvious, right? Did you know there are differences in demand forecasting and sales forecasting? Google ‘Demand Forecasting videos’ and the top results are all using sales forecasting methodology, Not Demand. The inventory results caused by people using sales forecasting are costing companies millions of dollars. If demand forecasting and sales forecasting for inventory replenishment are the same, why use two different words: demand and sales? Most forecast videos talk about forecasting techniques and at some level forecast algorithms. The truth is the forecast algorithms for demand forecasting and sales forecasting can be the same. The key difference between demand and sales forecasting is the data being used in those algorithms.
ATLANTA, April 27, 2017 – The Data Profits Team has noticed the most Frequent Question we receive is “What is The Difference Between Demand Forecasting and Sales Forecasting?” In fact, our most-read blog of all time deals with this subject. Even though this blog post is over 5 years old, it still attracts thousands of users to our website www.data-profits.com each month.
Data Profits’ goal is to educate our customers and readers/viewers of our blogs, SlideShare presentations, and YouTube videos.
Data Profits’ Video: “See Differences Between Demand Forecasting and Sales Forecasting for Inventory Replenishment”
We realize that millennials and others learn better by watching a video rather than reading a blog. Therefore, we introduced a new video that helps explain the Difference Between Demand Forecasting and Sales Forecasting. Click Here to watch our new video. Even if you feel you know Difference Between Demand Forecasting and Sales Forecasting, you may pick up a few tips for educating others.